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Wall Street trades mixed after 10 banks allowed to repay TARP money

Published: 09/06/2009 05:00

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Wall Street ended mixed on Tuesday, as investors digested the news that 10 major U.S. banks were allowed to repay government loans.

Photo taken on June 9, 2009 shows a Capital One Bank branch in Manhattan, New York. Ten of the largest U.S. banks have been approved to repay 68 billion dollars of government bailout money, the Treasury Department said on Tuesday. (Xinhua/Shen Hong)

Financials were traded sideways, after the U.S. Treasury Department approved 10 of the nation’s largest banks to repay 68 billion U.S. dollars of government bailout money.

The department on Tuesday didn’t give the name list. But several companies confirmed that they received permission to repay the bailout funds, including JPMorgan Chase, American Express, U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., BB&T Corp. and Morgan Stanley.

Moreover, Italian automaker Fiat said on Tuesday that it will not turn its back on a deal to acquire a controlling stake in Chrysler, the third largest U.S. automaker that filed for bankruptcy protection at the end of April, despite a U.S. Supreme Court stay on the sale.

On Monday, the U.S. Supreme Court put at least a temporary hold on Chrysler’s assets sale to Fiat through bankruptcy. Fiat has the option to abandon the deal if it is not completed by June 15, leaving Chrysler with few choices other than to liquidate under bankruptcy court supervision.

Investors also continuously keep a close eye on the interest rates, after yields on two-year and 10-year notes rose to new yearly highs on Monday. Investors worried that the Federal Reserve will need to hike interest rates before the end of the year to combat potential inflation, which will weighed on the economic recovery.

The Nasdaq rose on Tuesday after an improved outlook from Texas Instruments lifted technology stocks. Energy stocks also moved higher as U.S. crude oil futures ended above 70 dollars a barrel for the first time in seven months.

The Dow Jones industrial average was down 1.43 points, or 0.02 percent, to 8,763.06. The Standard & Poor’s 500 index gained 3.29 points, or 0.35 percent, to 942.43. The Nasdaq composite index climbed 17.73 points, or 0.96 percent, to 1,860.13.

VietNamNet/Xinhuanet

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